EUR/JPY:4hr bearish momentum firmly in place – FXStreet

By FXStreet FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair fell down to 133.36, weighed by the EUR self weakness, and despite the Japanese Yen eased also against most of its rivals.

Key Quotes:

“The pair has stalled its decline a few pips above the base of the huge daily symmetrical triangle that has determinate the trading range ever since late April, and has posted so far a shallow decline, increasing the risk of further long term declines.”

“The daily chart shows that the price is back below the 100 and 200 SMAs that anyway continue to lack directional strength, whilst the trend line comes at 133.20 for this Monday, and the technical indicators present limited bearish slopes below their mid-lines.”

“In the 4 hours chart, however, the bearish momentum remains firm in place, with the technical indicators heading south, despite being in extreme oversold levels, while the 100 and 200 SMAs, remain in a tight range 20 pips range and with no directional strength in the 135.30/50 region.

A downward acceleration below the mentioned 133.20 level, also September 23rd daily low, should lead to a continued decline down to 132.25, September monthly low.”
For more information, read …read more

Source:: FX Street